Posco's steel project stymied again

摘要

South Korean steel giant Posco's ambitious plans of setting up a Rs54,000 crore steel project in Orissa has received another setback when the Orissa High Court set aside the state government's recommendation for granting a prospecting licence to Posco for Khandahar iron ore mines. Just when the South Korean steel major was in the midst of finalisation of the compensation package for the project affected families as a prerequisite for the acquisition of land for the mega project, this development came as a rude jolt for the company.